# Placebo / Permutation Test

| Dep Var | True Z1 | Perm Mean | Perm SD | Perm p-value |
|---|---|---|---|---|
| gross_national_savings_gdp | 90.2 | 0.6 | 4.0 | 0.0000 |
| private_saving_gdp | 60.0 | 0.4 | 4.6 | 0.0000 |

*500 permutations. Demographics permuted across countries within year.*